Gold Rebounds by $1.4 but Remains Under Pressure

Gold futures closed higher on Monday (Jan. 10) as traders engaged in speculative buying following recent price declines. The strong dollar and rising U.S. government bond yields, nevertheless put pressure on the yellow metal.

  • Gold contract was up $1.4, or 0.08%, at $1,798.8 per ounce.
  • Silver futures were up 5.3 cents, or 0.24%, at $22.462 an ounce.
  • The platinum contract was down $22.9, or 2.39%, at $933.6 per ounce.
  • The palladium contract was down $12.40, or 0.7%, at $1,909.20 an ounce.

After gold contracts fell 1.7% last week, traders resorted to speculative buying. The price decline earlier was driven by the publication of the FOMC minutes of the last Fed meeting. Fears arose that the U.S. Federal Reserve (Fed) will accelerate rate hikes and reduce its balance sheet. Consequently, liquidity will flow out of the markets.

Gold prices remain under pressure, however, as 10-year U.S. Treasury bond yields rose to 1.803% and the dollar index, which measures the value of the greenback against six major currencies in a basket of currencies, rose 0.27% overnight to 95.9906.

The Spot Market is Open

Tuesday, January 11, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
09.30
1,806.00
1,807.00
+4.40
0.24%
1,800.00
1,807.00
Silver
09.30
22.56
22.66
+0.11
0.49%
22.43
22.67
Platinum
09.30
948.00
958.00
+10.00
1.07%
938.00
960.00
Palladium
09.30
1,861.00
2,011.00
+9.00
0.49%
1,838.00
2,012.00
Rhodium
06.00
16,650.00
18,650.00
0.00
0.00%
16,650.00
18,650.00

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